CO-OPERATION FOR RAISING THE PROFESSIONAL STANDARDS AND ENCOURAGING THE CONTINUING PROFESSIONAL EDUCATION FOR THE FINANCIAL SERVICES WORKERS
“SCA” SIGNS A MEMORANDUM OF UNDERSTANDING (MOU) WITH MIDDLE EAST INVESTOR RELATIONS ASSOCIATION (MIRA)
Dr. Obaid Al Zaabi:
The MOU paves the way for launching a training program offered by the Securities and Commodities Authority (SCA) for licensing investor relations workers in companies listed in the State markets.
SCA signed a MOU with MIRA for promoting cooperation between them. The MoU was signed by Dr. Obaid Al Zaabi, SCA CEO, as the representative of SCA, and Mr. Andrew Tarbock, MIRA Chairman, as the representative of MIRA.
The MOU stipulated to enhance cooperation between the two parties through benefiting from the qualification and training programs offered by the SCA Professional Training and Testing Center (Center), in order to contribute to the development of capital markets and the financial services industry in general, and to raise the level of Professional performance of workers in this field in particular.
After signing the MoU, His Excellence Dr. Obaid Al Zaabi emphasized “the importance of MoU in setting the rules for launching a qualifying program for investor relations, so that those wishing to work as Investor Relations Officers will be qualified and licensed after passing tests in the courses offered by the Center within the training program to be provided thereby. This program will be added to the other training programs offered by the Center for about twelve professions involved in the financial market (financial analyst, broker representative, compliance officer / anti-money laundering officer / internal controller, operations manager / trading manager / clearing officer, Risk Management officer, Investment Manager / Head of Investment, Promotion Manager).
CEO added “The SCA pays a great importance to investor relations profession, taking into account the vital role assigned to the Investor Relations Departments at the public joint stock companies in communicating with the investment community of shareholders and investors, dealing with their inquiries, conveying reactions, feedbacks and strategic information to the senior management of the company, reaching a clear and accurate perception about the reality of the market, and providing an analysis of the market and competitive position of the company.
His Excellency pointed to the "remarkable shift witnessed in the functions and tasks of investor relations in recent times in terms of relying on interactive data and the management of the company's files and services through data flow applications and electronic briefing systems that provide information to the public on reports and research related to the analysis of the performance of a company, which is issued - in most cases - for institutions and local analysts specialized in the financial analysis of companies, and prepare reports to follow up the Department performance and submite the same to senior management to take its decisions.
Mr. Andrew Tarbock, Chairman of Middle East Investor Relations Association, said “It is a great honor for us to rely on the support of SCA in spreading the best international practices in the investor relations field in the listed companies in the UAE, and improving it. We have worked together since 2015 to regulate the investor relations profession in the UAE.
“There is no doubt that the MoU signed by SCA and MIRA will enhance and support continuing co-operation. Since actions are more influential than words, we are very excited about the SCA’s efforts to take the lead on this path while we share it.”
The signed MoU provisions determine the framework agreed upon by the two parties in cooperation in the fields of training and awareness, and the exchange of information and expertise in the fields of capital markets, financial services and investment in order to raise the level of professional standards for workers in this field and to promote and develop them in the UAE.
Areas of cooperation include the exchange of experiences, studies, training programs in the financial markets and financial services in order to develop and improve the levels of professionalism and raise the level of knowledge of financial products and instruments traded in the capital markets through agreements signed between the two parties.
The application of MoU provisions will encourage continuing Professional education for workers in financial services related to alternative investments. It also allows either party to use the other party's information and statistics related to the purposes of the MoU, and coordinate the organization of conferences, meetings, seminars and workshops as appropriate. SCA employees and candidates will obtain the opportunity to benefit from the training programs, activities, events and conferences organized by the Association, provided that each party shall provide facilities and discounts to the employees of the other party to participate in events organized by each party.
The MoU provides that the SCA shall receive advice in the areas of capital markets, financial services and scientific research in this regard, and that each Party shall retain the intellectual property right in its studies, research, documents and programs, including the right to use them in the manner specified by each Party to the other Party in respect of such use and scope. Neither party nor third parties may exercise this right without the written permission of the other party.
The Middle East Investor Relations Association (MIRA) is an independent, non-profit organization that aims at promoting the investor relations profession and industry standards in corporate governance. MIRA mission is to enhance the reputation, efficiency and attractiveness of capital markets in the Middle East.
MIRA is committed to fostering increased dialogue among its members, encouraging them to share and adopt best practices in the field of investor relations, in partnership with financial markets, regulators and other market participants. MIRA also supports companies through professional development programs and specialized certification.